# Table 6c: KAOPEN Gating — Winsorized Gross Positions

| Variable | Win: gross_assets | Win: gross_liab | Win: gross_ifi | Win: ca | Win: income_balance |
|:---|---:|---:|---:|---:|---:|
| Z_1 | -89.9028 | 55.2725 | -30.8601 | -0.2902 | 40.9574*** |
| | (313.1014) | (318.0961) | (620.8525) | (12.4240) | (15.5493) |
| Z_2 | 35.4189 | 14.4668 | 49.8656 | 0.4165 | -6.3453*** |
| | (47.8319) | (48.5949) | (94.8464) | (1.8889) | (2.3588) |
| Z_3 | -1.6909 | -0.9308 | -2.6256 | -0.0298 | 0.2654*** |
| | (1.9962) | (2.0281) | (3.9584) | (0.0781) | (0.0972) |
| Z_1_x_kaopen | -37.4585 | 17.8396 | -24.2472 | 5.3876 | -14.1541* |
| | (119.2084) | (121.1101) | (236.3798) | (7.5639) | (8.5561) |
| Z_2_x_kaopen | 3.8506 | -6.5543 | -1.8293 | -0.9245 | 1.7651 |
| | (18.2150) | (18.5056) | (36.1188) | (1.1527) | (1.3055) |
| Z_3_x_kaopen | -0.0798 | 0.3976 | 0.2779 | 0.0415 | -0.0626 |
| | (0.7517) | (0.7637) | (1.4906) | (0.0474) | (0.0537) |
|:---|---:|---:|---:|---:|---:|
| Dep var | gross_assets_gdp_w | gross_liab_gdp_w | gross_ifi_w | ca_gdp | income_balance_gdp |
| N | 4540 | 4540 | 4540 | 4406 | 3907 |
| R² | 0.0231 | 0.0169 | 0.0071 | 0.1866 | 0.1471 |
| Countries | 164 | 164 | 164 | 162 | 150 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*